The Real Deal - New York Real Estate News

Silicon Valley money manager buys stake in Madison Realty Capital

Posted: 01 Jun 2022 03:58 PM PDT

One of the country’s fastest-growing and most active real estate finance players is getting an injection of funds from a money manager that caters to the elite of Silicon Valley. Madison Realty Capital sold a minority stake to Iconiq Investment Management, which functions as a family office that manages wealth for Mark Zuckerberg, Sheryl Sandberg and other tech moguls. Madison, run by Josh Zegen, Adam Tantleff and Brian Shatz, did not disclose the terms of

Mayor outlines sweeping rezoning plan

Posted: 01 Jun 2022 02:55 PM PDT

Mayor Eric Adams released a three-pronged plan Wednesday to retool zoning rules to diversify businesses in neighborhoods and boost affordable housing. But the path to approval is laced with irony. If the City Council ultimately supports the mayor’s text amendments, certain rezonings could progress without slogging through the city’s Uniform Land Use Review Procedure, a seven-month gauntlet known as Ulurp. The irony is that his amendments first need to pass through that very process. Here’s

Bernie Madoff’s UES penthouse hits market for third time since his arrest

Posted: 01 Jun 2022 12:30 PM PDT

The Upper East Side home where disgraced financier Bernie Madoff was arrested in 2008 has hit the market for the third time in a dozen years. Real estate investor Lawrence Benenson, who bought the penthouse at 133 East 64th Street in Lenox Hill for $14 million in 2014, is asking $18.5 million for it, according to Crain’s. The listing includes the adjacent apartment 11C, which Benenson bought for $4 million in 2016, meaning he will

Lumber prices continue to splinter

Posted: 01 Jun 2022 11:30 AM PDT

Keeping up with lumber prices’ continued splinter has become a dizzying proposition for weary construction companies. Lumber futures closed last week trading at $695 per thousand board feet, Inman reported. The cost of lumber has dropped 47 percent since early March. The drop in costs is good news for developers and homebuilders, who have face rising materials costs on the back of labor shortages, supply chain issues and inflation. “Outstanding uncertainty in prices is not

Layoffs delete 29% of digital mortgage lender Tomo’s staff

Posted: 01 Jun 2022 10:30 AM PDT

Digital mortgage lender Tomo has laid off nearly one-third of its workforce less than three months after an equity capital injection — the latest casualties in a tech and mortgage industry purge. A total of 44 employees were let go, Insider reported Tuesday. It is unclear if any executives were jettisoned in the downsizing, which management attributed to headwinds in the mortgage and venture capital markets. “The recent shift in the mortgage and venture capital

Powerhouse law firms merge to claim city’s largest resi practice

Posted: 01 Jun 2022 09:45 AM PDT

Two of New York’s largest real estate law firms are combining to create a practice they’re billing as the largest residential legal shop in the city. Romer Debbas and Katz & Matz, two firms that closed nearly 2,000 residential sales between them in 2021, have inked a deal to form what will be the city’s largest residential legal practice, the firms told The Real Deal. “This is really a strength in numbers scenario,” said Romer

“Selling the Hamptons” slated for another season of deals

Posted: 01 Jun 2022 09:00 AM PDT

Nest Seekers’ latest batch of reality stars have landed a second season on Discovery+. The streaming service announced the renewal of “Selling the Hamptons” ahead of the Memorial Day holiday. The show’s second season is expected to include eight episodes and begin airing early next year. Before the renewal was announced, the New York Times reported a second season was scheduled to start filming in June. Series star J.B. Andreassi told the Times the show